On July 14, 2026, petrol and diesel prices across India's major cities held steady, continuing a trend of stability observed since May 25. This comes as global oil prices settled lower last week, following developments in the US-Iran situation and hopes for resumed shipping via the Strait of Hormuz. Brent crude futures were reported at $76.01 per barrel, a significant drop from their late-April peak of over $120 per barrel.
Current Fuel Prices in Major Indian Cities
State-owned Oil Marketing Companies (OMCs) last adjusted prices on May 25, raising petrol by ₹2.61 per litre and diesel by ₹2.71 per litre. As of July 14, 2026, here are the latest petrol and diesel prices per litre in key metropolitan areas:
- Delhi: Petrol ₹102.12, Diesel ₹95.20
- Mumbai: Petrol ₹111.21, Diesel ₹97.83
- Hyderabad: Petrol ₹115.69, Diesel ₹103.82
- Kolkata: Petrol ₹113.51, Diesel ₹99.82
- Bengaluru: Petrol ₹110.82, Diesel ₹98.77
- Chennai: Petrol ₹107.76, Diesel ₹99.55
Notably, diesel prices in most of these cities remain below ₹100 per litre, with the exceptions being Hyderabad and Chennai.
Factors Influencing Petrol and Diesel Prices in India
The retail price of petrol and diesel in India is a complex interplay of several global and domestic economic factors:
International Crude Oil Prices
The most significant determinant is the international price of crude oil. India is a major importer of crude, so global market fluctuations directly impact procurement costs for OMCs.
Rupee-Dollar Exchange Rate
Given that crude oil is traded in US dollars, the exchange rate between the Indian Rupee and the US Dollar plays a crucial role. A weaker Rupee makes crude imports more expensive, potentially leading to higher retail fuel prices.
Taxes and Levies
Both the central and state governments impose various taxes, including excise duty and Value Added Tax (VAT), which constitute a substantial portion of the final retail price. This is why fuel prices can vary significantly from one state to another.
Logistics and Demand
Transportation costs from refineries to distribution points, along with local demand-supply dynamics, also contribute to the final price consumers pay at the pump.